U.S. seeks to seize $61 million of crypto it claims are proceeds from Iranian petroleum sales to Chinese buyers
Prosecutors say the frozen tokens were laundered through Binance accounts and tied to more than $1.5 billion in Iranian oil proceeds.
- On Monday, the US Justice Department filed a civil forfeiture claim seeking $61 million in Iranian oil proceeds allegedly laundered through the cryptocurrency exchange Binance.
- Two entities, Hexa Whale Trading Limited and Blessed Trust Limited, allegedly used Binance accounts to funnel money to Iran's Islamic Revolutionary Guard Corps to finance military and terrorist activities.
- Federal prosecutors in Manhattan alleged that Iran utilized cryptocurrency to launder more than $1.5 billion in illicit oil proceeds; Manhattan Deputy US Attorney Sean Buckley stated the seizure prevents funds from promoting attacks.
- Binance stated it cooperated with law enforcement and that its compliance program remains robust, having previously offboarded Hexa Whale and Blessed Trust before the reports earlier this year.
- The exchange faced intense scrutiny in 2023 when the Justice Department charged the company for flouting anti-money laundering rules; Binance paid a $4.3 billion fine, and President Donald Trump pardoned co-founder Changpeng Zhao last year.
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The United States has filed a civil forfeiture lawsuit seeking to seize approximately $61 million worth of cryptocurrency that U.S. authorities say originated from the black market sale of sanctioned Iranian crude oil. The two companies named in the case, Hexa Whale and Blessed Trust, have clients including Chinese oil and petrochemical companies. We will be covering similar topics at our Portfolio Investment Day conference on October 21. One of…
US accuses Iran of funding military via 'black-market' oil sales
The United States Justice Department on Monday, September 14, filed a civil forfeiture of USD 61 million in cryptocurrency, accusing the Iranian military of using black-market oil sales, according to a statement by the US Attorney’s Office. Deputy US Attorney Sean S Buckley said the move demonstrates the US’ determination to deprive the Government of … Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and…
U.S. seeks to seize $61 million of crypto it claims are proceeds from Iranian petroleum sales to Chinese buyers
Two Chinese companies, are alleged to have used trading accounts in Binance to launder the illicit proceeds and funnel the funds to Tehran or its proxies.
(Seoul = Yonhap News) Reporter Lee Ji-heon = The Iranian Islamic Revolutionary Guard Corps (IRGC) [paid] proceeds from the sale of Iranian crude oil through Binance, the world's largest cryptocurrency trading platform...
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